Octopus Renewables has acquired a commercial rooftop solar portfolio from Innova Energy, a private equity-backed solar energy company, managed by Innova Capital.
The portfolio comprises 57 rooftop-mounted solar PV assets in the UK, all of which benefit from Feed-in-Tariff government subsidy.
Zestec provided transaction support to Octopus and post completion will provide Asset Management services to the portfolio
Octopus Renewables, part of the Octopus Energy Group, is the largest investor of utility scale solar power in Europe, as well as a leading investor in onshore wind and biomass, managing a global portfolio valued at more than £3 billion.
Peter Dias, Investment Director at Octopus Renewables said:
“We are pleased to add these assets to our portfolio of UK rooftop solar, offering an attractive cash flow profile for our investors. We intend to continue our expansion in this sector, which we believe is a key component of achieving net zero, and with Zestec we have a strong pipeline of opportunities for new build and acquisition.”
Octopus was advised on the acquisition by Zestec, Michelmores, Bishop Fleming and RINA
Simon Booth, Director at Zestec said:
“We were pleased to work with Octopus and the Innova team and their advisor, Elgar Middleton, on this transaction, securing more high quality commercial solar assets for Octopus.”
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For further information contact:
Simon Booth simon.b@zestecgroup.co.uk
Tel: +44 1202 018800
About Zestec
Zestec is a specialist renewable energy developer and asset manager. Zestec helps businesses enjoy the benefits of cleaner, greener low carbon energy solutions, achieving long-term energy cost reductions by designing, building, funding and managing renewable energy solutions; this includes roof top solar panels, ground mount, energy storage, electric vehicle charging and other technologies as appropriate.
About Octopus Renewables
Octopus Renewables, part of the Octopus Energy Group, is a specialist clean energy investor. Launched in 2010 its mission is to accelerate the transition to a future powered by renewable energy. It has a diverse portfolio of assets with a capacity of over 2.8GW, making it the largest commercial solar investor in Europe and a leading investor in onshore wind.